The Committee on Accounting Standards for Local Bodies (CASLB) was constituted as a separate Committee in March, 2005, with the main objective of formulating Accounting Standards for Local Bodies (ASLBs). So far, the Committee has issued seven ASLBs and four ASLBs are likely to be issued shortly. Moving forward in this direction, the Committee has finalised the Exposure Draft of ASLB 24, ‘Presentation of Budget Information in Financial Statements’.

This ASLB requires a comparison of budget amounts and the actual amounts to be included in the financial statements of entities that are required to, or elect to, make publicly available their approved budget(s). This Standard also requires disclosure of an explanation of the reasons for material differences between the budget and actual amounts. Compliance with the requirements of this Standard will ensure that entities discharge their accountability obligations and enhance the transparency of their financial statements.

Comments on the above Exposure Draft are invited which can be submitted using one of the following methods, so as to be received not later than May 10, 2015: